June 29, 2012
- Nifty hour chart shown with range breakout with target near 5300 levels.
- Month chart shows 5 Month High EMA near 5330 level and a falling resistance line in month chart which may act as resistance. Moving passed above these levels could lead to a bigger breakout. For bulls need a close near the high of the day week and month to sustain the bullishness to the next month.
Falling wedge updated
- Gold testing the weekly support levels.
- But four hour chart of gold is showing a possible Falling wedge pattern which is a bullish reversal pattern. For it to work well price need to hold on to the current lows near 1550 and bulls must hope for a breakout above the falling resistance line of the wedge shown in last chart.
- SILVER HITS LONG TERM TREND LINE
- Silver at make or break levels.
- Price hits the long term trend line and crucial weekly horizontal support line. Trading below 26.02 could lead to the 78.6% Fib level shown in last chart. A bigger fall is possible only if price falls below this level.
- Crucial support levels can also give an over sold bounce.
- JP MORGAN CHASE RESISTANCE LEVELS